Samsung has stopped exporting goods to Russia. The South Korean-based technology giant is also sending $ 6 million in aid to Ukraine, which is at risk due to Russian aggression.
Samsung informed in a statement that exports to Russia had been suspended due to the ongoing geopolitical situation. We will take the next step considering the current crisis situation.
Samsung, the world’s largest memory chip maker is the top smartphone exporter in Russia. Data provider Counterpoint Research found that Samsung had a 30 percent smartphone market share in Russia in the fourth quarter of last year. Russia accounts for 4 percent of Samsung’s global revenue from smartphone sales. Meanwhile, in the fourth quarter, Xiaomi and Apple’s market share was 23 and 13 percent, respectively.
Other companies that have stopped selling or suspending services in Russia include Apple, Nike and Ikea. Meanwhile, Chinese companies, which control 44 percent of the market share in Russia, have continued operations in Russia. Beijing has even refrained from explicitly criticizing Moscow over its Ukraine aggression.
South Korea, known as a close ally of the United States, has blocked financial transactions with several Russian banks.